(Alliance News) - Time Finance PLC on Wednesday said it has delivered its first asset based lending facility, to help aid the expansion of an unnamed steel structural engineering firm based in the south east of England.

Time Finance is a Bath, England-based finance provider to small & medium businesses.

The company explained that the GBP1.1 million facility has been tailored to release working capital, providing headroom for the client company to take on a "number of important new contracts." It comprises GBP650,000 in invoice financing and a GBP450,000 property loan component.

It explained that the ABL product has been developed over the past 12 months. "[It] can now provide SMEs with the opportunity to drive growth plans and support day-to-day business expenses, including supplier and HMRC payments, stock and materials purchasing and employee wages."

Chief Executive Officer Ed Rimmer said: "Delivering our first ABL facility underlines how Time Finance works closely with clients and introducers to develop comprehensive and innovative funding solutions to businesses of all sizes across the UK. Our stated aims to become a nationally recognised SME funder, to double our Gross Lending Book and to generate organic profits beyond pre-Covid levels whilst significantly strengthening the balance sheet by 2025, remain on track."

Shares in Time Finance were flat at 29.00 pence each in London on Wednesday afternoon.

By Sophie Rose, Alliance News reporter

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